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Author:Goodfriend, Marvin 

Conference Paper
Federal Reserve asset acquisition: a proposal, panel discussion

Proceedings

Monograph
Federal funds

Monograph

Conference Paper
Banking and interest rates in monetary policy analysis: a quantitative exploration

Proceedings

Working Paper
A weekly perfect foresight model of the nonborrowed reserve operating procedure

Of the many studies analyzing the Federal Reserve's post-October 6, 1979 nonborrowed reserve (NBR) operating procedure, none has focused upon weekly money market dynamics under rational expectations. This paper employs the rational expectations assumption in an explicit institutional model of the NBR procedure. The paper is positive rather than normative, isolating the policy elements that comprise the procedure and investigating their dynamic interaction.
Working Paper , Paper 84-04

Working Paper
Industrial development and the convergence question

The paper studies endogenous world balanced growth equilibria in which national learning productivity differentials govern relative per capita products. Learning productivities depend on the national share of world specialized-goods production, national and world scale, and familiarity with the foreign economy. Familiarity indexes the extent to which imported specialized goods enhance learning productivity. We find that mutual familiarization causes per capita products to converge. Unfamiliar economies diverge substantially and persistently. Unilateral familiarization of a less-developed ...
Working Paper , Paper 99-01

Journal Article
Recent financial innovations : courses, consequences for the payments system, and implications for monetary control

An abstract for this article is not available
Economic Review , Volume 66 , Issue Mar , Pages 14-27

Working Paper
Interest rates and the conduct of monetary policy

The paper describes key aspects of actual Federal Reserve interest rate targeting procedures and addresses a number of issues in light of these stylized facts. It reviews the connection between rate smoothing and price level trend-stationarity. It critiques interest rate targeting as inflation tax smoothing. It argues that stabilization policy implemented by interest rate targeting may inadvertently induce martingale-like behavior in nominal rates and inflation. The paper explains why central bankers prefer continuity of the short rate and indirect rate targeting. Lastly, it surveys empirical ...
Working Paper , Paper 90-06

Journal Article
The phases of U.S. monetary policy : 1987 to 2001

Economic Quarterly , Issue Fall , Pages 1-17

Working Paper
An alternative method of estimating the Cagan money demand function in hyperinflation under rational expectations

This paper contains a description and implementation of a new strategy for estimating the Cagan money demand function under rational expectations.
Working Paper , Paper 79-05

Journal Article
Why we need an \\"accord\\" for Federal Reserve credit policy : a note

Economic Quarterly , Issue Win , Pages 23-32

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